Ohio Appeals Board Finds Sales Price Not Arm’s-Length, Reinstates Property Tax Valuation

The Ohio Board of Tax Appeals (BTA) ordered the Fiscal Officer’s valuation of taxpayer’s property be reinstated, finding that the record demonstrated the sale prices relied upon by the Board of Revision (BOR) to increase the value of the subject parcels did not reflect arm’s-length transactions. The BTA found that the buyer and sellers were related parties under common control, there was no exposure of the property to the open market, and the record did not establish that the sale prices reflected the fair market value of the property. As a result, the BTA could not conclude the sales price ...